Dave Kimbell, chief executive officer of Ulta Beauty, stepped down on Monday, surprising many industry insiders. Kecia Steelman, president and chief operating officer, will succeed him as president and CEO and will join the company’s board. Kimbell will serve as an adviser to the company through June 28.

Cosmetics retailer Ulta Beauty said on Monday insider Kecia Steelman will replace retiring CEO Dave Kimbell in the top role, and forecast a strong fourth quarter, sending its shares up about 2% in extended trading.

Ulta Beauty CEO Dave Kimbell will retire and Kecia Steelman, current President and COO, has been named as his successor.

US retailer Ulta Beauty has promoted Kecia Steelman to president and CEO, effective immediately. She replaces Dave Kimbell, who is retiring after an 11-year tenure. He is also stepping down from the company’s board of directors, but will stay on as an advisor to Ulta Beauty through 28 June.

Steelman, who is currently chief operating officer at the beauty retailer, will step into the role as Dave Kimbell retires.

Ulta Beauty has named Kecia Steelman as its chief executive, succeeding David Kimbell, as the company aims to reaccelerate its growth amid a global slowdown in the beauty market.